Advertisement
YOU ARE HERE: LAT HomeCollectionsJ C Penney
IN THE NEWS

J C Penney

FEATURED ARTICLES
BUSINESS
April 29, 2013 | By Adolfo Flores
J.C. Penney acquired a five-year $1.75 billion loan from Goldman Sachs as the struggling company looks to strengthen its finances. The news came about two weeks after J.C. Penney announced it had drawn $850 million from a $1.85 billion credit line. The loan, secured by its real estate and other assets, can be used to fund ongoing working capital requirements, the retailer said Monday. QUIZ: How much do you know about the sequester? "This loan facility is an important component of our strategic plan to strengthen the company's financial position," said Ken Hannah, J.C. Penney's chief financial officer in a statement.
ARTICLES BY DATE
BUSINESS
February 13, 2014 | By Don Lee and Tiffany Hsu
The winter economic blues continue. Retail sales unexpectedly fell 0.4% in January from December, the government said Thursday. That was the biggest drop in 18 months and the latest in a series of blah reports on the economy. Sales were “weaker than already low expectations” for flat results, the softness “punctuated by hefty downward revisions to December,” according to Credit Suisse. The bank's analysts said in a note to clients that “at first blush these data appear to be impacted by the frigid weather across the country” and that “February does not offer much hope for relief.” Volatile temperatures may prevent the industry from getting “a clean read on retail demand for quite some time,” according to Credit Suisse.
Advertisement
BUSINESS
April 8, 2013 | By Tiffany Hsu
Ron Johnson is no longer chief executive of J.C. Penney, and will be replaced by his predecessor, Myron E. Ullman III. Johnson had been trying to revamp the J.C. Penney brand by perking up the department store's product assortment while downsizing its staff head count. But rumors that he was on his way out began circulating months ago, after J.C. Penney's revenue tanked 25% in a single quarter, its stock plummeted about 60% in a year and customers complained loudly about the company's flip-flopping policies on discounts and bargains.
BUSINESS
February 4, 2014 | By Tiffany Hsu
J.C. Penney Co., the retailer attempting a return to glory using deep discounts and Super Bowl tweets typed with mittens, said its holiday sales grew last year for the first time since 2011. The Plano, Texas, company said sales at stores open at least a year were up 3.1% during the all-important nine weeks of the holiday season, compared with the same period in 2012. For the full fiscal fourth quarter, which ended on Feb. 1, so-called same store sales were up 2%. The chain suffered a 32% plunge in same-store sales during the same quarter a year earlier.
BUSINESS
September 26, 2013 | By Tiffany Hsu
J.C. Penney publicly defended its trajectory Thursday after watching its stock plunge amid speculation that it needed another financing boost. In a statement, the retailer said it is “pleased with its progress thus far in the company's turnaround and the traction its initiatives are starting to achieve.” J.C. Penney also said it was “starting to see greater predictability in its performance across many areas” -- a nod to several recent...
BUSINESS
May 10, 2013 | By Tiffany Hsu, Los Angeles Times
For a while, J.C. Penney and Best Buy seemed to be doppelgangers. The two retailers struggled with intensifying competition after years of comfortable stagnation. Beset by Wall Street skepticism and shaky consumer loyalty, each made sweeping attempts at a turnaround. Both removed their controversial chief executives. But as the companies prepare to reveal first-quarter earnings this month, their roads may be diverging: Best Buy's results are expected to show a continuing recovery while J.C. Penney's are forecast to be dismal.
BUSINESS
May 1, 2013 | By Tiffany Hsu
J.C. Penney is pleading publicly for its customers to come back to its stores, releasing a new commercial apologizing for a jumble of changes instituted by recently ousted chief executive Ron Johnson. The 30-second video went live on YouTube, Facebook and Twitter on Wednesday, featuring a soothing female voice and an array of images of beautiful young women floating about their daily lives. “It's no secret, recently J.C. Penney changed,” the ad goes. “Some changes you liked, and some you didn't.
BUSINESS
January 29, 2002 | From Bloomberg News
J.C. Penney Co. formed a holding company, adopting a structure that analysts and investors say may help the operator of department stores and Eckerd drugstores provide a clearer picture of the performance of its units. The new structure, effective Sunday, won't result in any immediate changes to operations, the firm said. The department store division will be called J.C. Penney Corp.
BUSINESS
April 2, 1987
The San Diego-based clothing supplier said the $19.2-million deal with Penney is a prelude to a joining of forces to set up an operation under an agreement that calls for Beeba to supply 50% to 60% of the private label clothing for an as-yet-unnamed ladies wear specialty store chain to open inside 100 existing Penney stores beginning in early 1988.
BUSINESS
August 18, 2004 | From Associated Press
Department store operator J.C. Penney Co. eked out a small profit in its fiscal second quarter, compared with breaking even in the year-earlier period. The company said Tuesday that it earned $1 million, or 2 cents a share, in the three months ended July 31. The latest results included operating losses from the Eckerd drugstore business, which Penney sold during the quarter.
BUSINESS
January 16, 2014 | By Tiffany Hsu
It's not looking pretty for J.C. Penney. The Plano, Texas, company said this week that it plans to close 33 under-performing stores around the country by early May and shave 2,000 jobs off its books. Chief Executive Myron Ullman called the move - designed to save the company $65 million a year - a key step in J.C. Penney's "progress toward long-term profitable growth. " Several analysts, however, say it's a sign that the retailer's turnaround may be more like a turndown. "J.C.
BUSINESS
January 15, 2014 | By Tiffany Hsu
J.C. Penney Co. is attempting to right-size itself by closing 33 under-performing stores around the country and eliminating 2,000 positions, the retailer said Wednesday. The Plano, Texas, company said it hopes the effort will save $65 million a year beginning this year. Units getting the ax will finish shutting down in early May. The only store closing in California is at Arrow Plaza in Rancho Cucamonga. Chief Executive Myron Ullman said the cuts were necessary as part of J.C. Penney's “progress toward long-term profitable growth.” The company operates roughly 1,100 stores nationwide.
BUSINESS
January 2, 2014 | By Tiffany Hsu
Martha Stewart Living Omnimedia and Macy's announced Thursday that they had settled a lawsuit that accused Stewart's company of violating an exclusivity agreement by selling products at rival chain J.C. Penney. Neither MSLO nor Macy's disclosed terms of the arrangement. Macy's said the deal doesn't affect its ongoing suit against J.C. Penney. The tussle stemmed from Stewart's 2011 deal to sell home goods in J.C. Penney stores and for the retailer to snap up a nearly 17% share of MSLO.
BUSINESS
December 6, 2013 | By Ricardo Lopez
J.C. Penney, the beleaguered Plano, Texas-based retailer, disclosed in a regulatory filing late Thursday that the U.S. Securities and Exchange Commission has inquired into its finances and a recent public offering that raised $785 million. In a quarterly filing, the company wrote that it received a letter of inquiry from the SEC in early October, "requesting information regarding the company's liquidity, cash position, and debt and equity financing. " Regulators also sought information regarding its September stock sale that raised $785 million, the company said.
NEWS
November 28, 2013 | By Amy Hubbard
On Friday morning, some very happy snow globe fans will return to J.C. Penney stores for a Black Friday tradition that was briefly wiped out last year. Call it the Black Friday Snow Globe Debacle of 2012. J.C. Penney dropped its post-Thanksgiving snow-globe giveaway last year, and a small but determined rebellion took root. It turns out the Disney globes were an entrenched holiday tradition with some customers. Leah New of Memphis was one of them. She and her mom had a mother-daughter tradition of shopping at J.C. Penney every Black Friday and picking up a snow globe.
BUSINESS
September 26, 2013 | By Tiffany Hsu
J.C. Penney publicly defended its trajectory Thursday after watching its stock plunge amid speculation that it needed another financing boost. In a statement, the retailer said it is “pleased with its progress thus far in the company's turnaround and the traction its initiatives are starting to achieve.” J.C. Penney also said it was “starting to see greater predictability in its performance across many areas” -- a nod to several recent...
NATIONAL
August 24, 2003 | From Times Wire Reports
Gov. Kenny Guinn is joining Ely residents in an effort to save Nevada's oldest J.C. Penney store. In a letter, Guinn has urged company Chairman and Chief Executive Allen Questrom to reconsider the decision to close the Ely store. Opened in 1910, it's the last department store in the struggling mining town of 4,000 located 320 miles east of Reno. J.C. Penney spokesman Quinton Crenshaw said the company has extended the closing date from Oct. 25 to Jan. 10 in a concession to residents.
BUSINESS
February 22, 2002 | Bloomberg News
J.C. Penney Co., the second-largest U.S. department store chain, said it had profit of $95million in its fiscal fourth quarter, and earnings this year will be less than forecast because of lower income from its pension fund. Net income of 32 cents a share in the quarter ended Jan. 26 contrasted with a loss of $580 million, or $1.26, a year ago.
BUSINESS
August 22, 2013 | By Tiffany Hsu
J.C. Penney Co. is girding itself against wannabe corporate raiders, adopting a shareholder rights plan known as a poison pill after reporting yet another quarter of dismal earnings. The tactic attempts to fend off hostile acquisitions by making it exorbitantly expensive for an individual or entity unapproved by the company's board to gain a controlling stake. Netflix, Cracker Barrel and other businesses have used the defense in recent years. In J.C. Penney's case, the maneuver will be in place for a year to “protect against any potential future use of coercive or abusive takeover techniques,” the struggling retailer said Thursday.
BUSINESS
August 20, 2013 | By Tiffany Hsu
J.C. Penney Co. on Tuesday reported yet another round of dismal quarterly earnings, disappointing Wall Street as the struggling retailer pushes through yet another turnaround effort pocked by infighting and investor concern. In its second quarter (the three months ending Aug. 3), the Plano, Texas-based company said it suffered a net loss of $586 million, or $2.66 a share, from a loss of $1.47 million, or 67 cents a share a year earlier. Analysts had expected the per-share loss to be less than half that size.
Los Angeles Times Articles
|